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Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
Tickers Mentioned:

Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.



[Image Courtesy of Wikimedia Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.

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Results for pten
Financial News
2 Sep 14 03:41:57
$PTEN: Patterson-UTI Energy, Inc. Earnings Call scheduled for 10:00 am ET today http://t.co/1kE656szYl http://t.co/eZMnt7x87l
BV Basic Materials
2 Sep 14 03:25:04
$PTEN Patterson Uti Energy Inc files Form 8-K (Events or Changes Between Quarterly Reports) SEC Filing.. http://t.co/TsUgOf7vr8
2 Sep 14 03:25:02
PATTERSON UTI ENERGY : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K) http://t.co/kK4enYMJmH $PTEN
1 Sep 14 16:03:17
MidCap #Stocks Trend $UTHR $VEEV $SPLK $DATA $AVGO $SAIC $FEYE $NBR $SLAB $ATML $MTW $PTEN $NSM $NOW $WLL @ http://t.co/tf79gD96D3
1 Sep 14 13:01:00
MidCap #Stocks Trend $UTHR $VEEV $SPLK $DATA $AVGO $SAIC $FEYE $NBR $SLAB $ATML $MTW $PTEN $NSM $NOW $WLL @ http://t.co/tf79gD96D3
1 Sep 14 08:53:11
MidCap #Stocks Trend $UTHR $VEEV $SPLK $DATA $AVGO $SAIC $FEYE $NBR $SLAB $ATML $MTW $PTEN $NSM $NOW $WLL @ http://t.co/tf79gD96D3
Business News
1 Sep 14 02:41:58
$PTEN: Largest option trades in equities http://t.co/WXvpwk4anM http://t.co/9WPqefV9WQ
Wall Street News
1 Sep 14 01:42:14
$PTEN: Today's Post-Market Laggard Is Patterson-UTI Energy (PTEN) http://t.co/8XhbOkRc8x http://t.co/NpUgyyHOv7
31 Aug 14 22:56:01
Patterson-UTI Energy Sees Significant Growth in Short Interest $PTEN http://t.co/INSAgtWXNI
US Banking News
31 Aug 14 22:34:22
Patterson-UTI Energy Sees Large Growth in Short Interest $PTEN http://t.co/vVIaphSHnZ
31 Aug 14 22:23:14
Patterson-UTI Energy Sees Large Growth in Short Interest $PTEN http://t.co/fSGlQxIQb8
G. Thomas Lackey Jr
30 Aug 14 17:37:29
August 29, 2014 RS Movers http://t.co/SKb8H7E3bc $IYE $IYZ $ITA $IYR $GOLD $SCCO $CVX $PTEN $SIVB $NBR $ATK $PCLN
Sandra Skene
30 Aug 14 07:41:55
RT @beleggersclub8: Chart of the day 9/2/2014 $PTEN http://t.co/0HMlJXt6BQ
29 Aug 14 16:03:43
MidCap #Stocks Trend $UTHR $VEEV $SPLK $DATA $AVGO $SAIC $FEYE $NBR $SLAB $ATML $MTW $PTEN $NSM $NOW $WLL @ http://t.co/tf79gD96D3
29 Aug 14 13:46:12
Chart of the day 9/2/2014 $PTEN http://t.co/0HMlJXt6BQ
Business Updates
29 Aug 14 13:42:08
$PTEN: PetroChina 1H14 Earnings Up on Improved Downstream Business http://t.co/6J5fiSYegR http://t.co/5LgwMrjJro
29 Aug 14 13:01:09
MidCap #Stocks Trend $UTHR $SPLK $VEEV $AVGO $DATA $SLAB $ATML $SAIC $FEYE $PTEN $CXO $WLL $MTW $THC $NFX @ http://t.co/tf79gD96D3
Wall Street Monitor
29 Aug 14 12:42:01
$PTEN: Largest option trades in equities http://t.co/yvMJsNouho http://t.co/RNDUwqG7Xb
Ares Knightmare™
29 Aug 14 11:33:08
RT @AlertTrade: via #AlertTrade Price Action Alert $PTEN - PATTERSON-UTI ENERGY #stocks #intraday http://t.co/VS8RO1bzXJ
Day Trade Alerts
29 Aug 14 10:41:51
via #AlertTrade Price Action Alert $PTEN - PATTERSON-UTI ENERGY #stocks #intraday http://t.co/VS8RO1bzXJ
29 Aug 14 07:11:00
Drill for profits with these 3 onshore plays! $PTEN $NBR $PES http://t.co/n7DGuRzlHo
Alpha Maven Alerts
28 Aug 14 21:32:31
$PTEN, Positive, Yesterday, SD +2.14, #NASDAQ #OilGas
28 Aug 14 09:03:46
Will these onshore drillers profit from a land energy boom? $PTEN $NBR $PES http://t.co/WMrASu2A2u
Market Int Center
28 Aug 14 05:41:59
Patterson UTI Energy $PTEN Showing Support Near $32.80 ( http://t.co/Xqe6pGm3PW )
Business News
28 Aug 14 04:41:56
$PTEN: Hot Stocks: Publicis Groupe S.A. (ADR) (OTCMKTS:PUBGY), Patterson-UTI ... http://t.co/o8hv2SiIo5 http://t.co/YzU2NNhyGi
28 Aug 14 04:22:25
Bullish MACD Crossovers 2/2 $PPR $PTEN $RRD $SABR $SCCO $SNSS $SUSS $T $TIVO $RY $VG $VVR $VVUS $WIT http://t.co/34hFXD3UiF
27 Aug 14 14:54:48
FonsieTraderBlog: Bullish #MACD Crossovers $AEGR $AUO $FUEL $LPI $NUAN $PTEN $T $TIVO $VG $VVUS... http://t.co/8joYzv3tYp via @FonsieTrader
27 Aug 14 12:19:38
Check out these 3 drilling stocks! $PTEN $NBR $PES http://t.co/3Z4BU99HQi
Media Sentiment
27 Aug 14 11:23:06
$PTEN received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 321
Market Int Center
27 Aug 14 11:22:34
Patterson UTI Energy $PTEN Showing Bullish Technicals With Support At $32.51 ( http://t.co/TD1GaxtRrP )
Stock Market News
27 Aug 14 10:41:54
$PTEN: Mid Cap Stocks in a bear Hug: Patterson-UTI Energy, Inc. (PTEN), Hologic, Inc ... http://t.co/3ETPZvcZaV http://t.co/fV3XkegFoM
27 Aug 14 09:10:21
Drill for profit with these 3 onshore driller plays. $PTEN $NBR $PES http://t.co/yslNoAni38
27 Aug 14 08:46:49
$PTEN up 0.8% to 33.85 bullish setup alert #stocks #options #markets http://t.co/ttpt8G6tV2
27 Aug 14 07:02:10
$PTEN Patterson-UTI Energy, Inc. at Barclays CEO Energy-Power Conference From our Stock News Alerts App
27 Aug 14 04:33:17
Parabolic Sar Buy Signals 2/2 $IDRA $IGT $ISIS $JDSU $KEG $LPI $NPSP $PES $PTEN $RENN $SD $SGYP $VCRA $XCO $YY $ZGNX http://t.co/HU3cKeiWHE
27 Aug 14 03:03:08
$PTEN Patterson-UTI Energy to Present at the Barclays CEO Energy-Power Conference From our Stock News Alerts App
26 Aug 14 08:55:46
MidCap #Stocks Performance $DSW $PINC $GLNG $THRX $ZU $SPLK $AMG $NBR $PTEN $SD $XEC $KN $BIG $SM $INCY more@ http://t.co/tf79gD96D3
Financial Headlines
26 Aug 14 07:42:06
$PTEN: Hot Stocks: Publicis Groupe S.A. (ADR) (OTCMKTS:PUBGY), Patterson-UTI ... http://t.co/cBH9ntPmTv http://t.co/1VSJm9Dus3
Paul McIntosh
26 Aug 14 06:19:40
$PTEN Bullish Wedge http://t.co/atUpKFSDHH
Alpha Maven Alerts
25 Aug 14 21:22:18
$PTEN, Positive, Yesterday, SD +2.29, #NASDAQ #OilGas
By  +Follow October 4, 2013 8:22AM



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